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ING Capital Agents $25MM Upsize for Capital Southwest

May 28, 2019, 08:30 AM
Filed Under: Industry News
Related: ING Capital

Capital Southwest Corporation, an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, today announced an expansion to its Senior Secured Credit Facility from $270 million to $295 million. The $25 million increase in total commitments was the result of the addition of a new lender, bringing the total lender group to ten participants.

According to an SEC filing, ING Capital LLC served as Administrative Agent, and Texas Capital Bank, N.A., as documentation agent.

The increase was executed under the accordion feature of the Credit Facility, which allows for an increase in total commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments in an amount up to $350 million.

Michael Sarner, Chief Financial Officer, commented, “We were pleased with the upsize of our credit facility, as it is a testament to our portfolio quality and track record.  The substantial availability on our credit facility provides the necessary capital to achieve balance sheet leverage well within our target range of 1-to-1 to 1.2-to-1.  We value our relationships with our lenders and are grateful for their continued support."

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